The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) boosted its output of financial intelligence in 2008, according to the agency’s annual report that Finance Minister Jim Flaherty tabled in Parliament on Thursday.

FINTRAC is an independent federal government agency that collects, analyzes and assesses financial transaction reports. It produces financial intelligence to assist investigations that deal with complex transactions related to drugs, fraud and organized crime as well as terrorist activity financing and other threats to the security of Canada.

The annual report shows that FINTRAC produced 210 case disclosures to law enforcement, Canadian Security Intelligence Service, Canada Revenue Agency, Canada Border Services Agency, Communications Security Establishment Canada and foreign financial intelligence units in the fiscal year. This is up from 193 case disclosures in 2007.

“Through its detection and deterrence of money laundering and terrorist activity financing, FINTRAC is strengthening the integrity of Canada’s financial sector,” said Flaherty.

The annual report summarizes several criminal investigations that FINTRAC assisted during the year.

Of the cases, 171 were for suspected money laundering, 29 were for suspected terrorist activity financing and/or threats to the security of Canada, and 10 involved both.

“I am pleased that we have been able to assist in a number of important investigations. In the coming months I have no doubt we will see our financial intelligence used in an even greater number of investigations and prosecutions,” said FINTRAC director Jeanne Flemming.